Decision details

Approval of write-off of loan agreement sought.

That the Cabinet Member for Finance, Property and Corporate Services agreed to the writing off of £187,887, this being the total amount of a loan and accrued interest provided to Soho Create Limited.

Reasons for Decision

The write-off of these debts falls under Part F, Reference 1.1 Sundry Debt Write-offs, of the Council’s Financial Regulations. This section advises that Debts should only be written off once all reasonable avenues have been exhausted or where it would prove uneconomical to pursue. At the date of liquidation it is understood that creditor claims exceeded the company’s assets, so it is not assumed that there will be any recoverable assets to repay all or some of the loan.